PAN requirement to impact sales of Rs 2-5 lakh jewellery: Titan

Titan expects cash sales of jewellery items between Rs 2 lakh and Rs 5 lakh to be impacted to some extent after the government lowered the transaction threshold of quoting PAN to Rs 2 lakh.PTI | December 29, 2015, 09:07 IST

Earlier this month, Finance Ministry had amended the limit for quoting PAN for purchase of jewellery if the sum involved is Rs 2 lakh per transaction from from Rs 5 lakh as part of measures to curb domestic black money generation.NEW DELHI: Titan Co expects cash sales of jewellery items between Rs 2 lakh and Rs 5 lakh to be impacted to some extent after the government lowered the transaction threshold of quoting PAN to Rs 2 lakh.

Earlier this month, Finance Ministry had amended the limit for quoting PAN for purchase of jewellery if the sum involved is Rs 2 lakh per transaction from from Rs 5 lakh as part of measures to curb domestic black money generation.

"This may potentially have some impact on the cash sales of individual products ranging from Rs 2 lakh to Rs 5 lakh, which amount to less than 10 per cent of the revenue of the division in the recent past," Titan Co said in a BSE filing.

The company is already compliant regarding PAN requirement for jewellery purchases above Rs 5 lakh, it said adding, "so this will not get affected by the amendment".

The government had made mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as it tightened disclosure norms to curb black money.

The PAN requirement for non-luxury cash transactions was set at Rs 2 lakh, while the same was made mandatory on purchase of immovable property of Rs 10 lakh.

Unveiling the new norms, Revenue Secretary Hasmukh Adhia has said that purchasing of jewellery or bullion, a major source of black money, quoting of PAN would be required if the sum involved is Rs 2 lakh per transaction. Earlier PAN was required for transaction of Rs 5 lakh and above.

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